More complicated or significant insolvencies during the first six months of this year were American Furniture Limited, Kennington Development Limited, Empire Engineering Company Limited, ICS Computer Distribution Limited and Pentad Construction Company Limited.
During this first half year, 58 summonses were issued against directors of companies in compulsory liquidation for failure to submit Statements of Affairs to the Official Receiver and to keep books and accounts of wound-up companies and 33 directors were convicted. The total amount of fines imposed by the Court was $157,205.
Thirteen orders for disqualification of company directors were made by the Court in the first half year of 1996. The length of disqualification period ranged from one to one and a half to four years.
Twenty-five warrants of arrest were issued against uncooperative bankrupts or directors in January-June, and three warrants were implemented.
Total dividends declared by the Official Receiver during the first half year of 1996 (excluding BCCHK) amounted to $28.9 million in 112 insolvencies, as against $28.4 million in 126 insolvencies for the corresponding period of 1995.
There were seven schemes of arrangement/compositions approved by the courts during the first six months of 1996, as against five for the same period in the previous
year.
The total number of active insolvency cases being handled by the Official Receiver's Office at the end of June 1996 was 2,666, representing 1,542 compulsory company liquidations and 1,124 personal bankruptcies.
Funds administered by the Official Receiver at the end of June 1996 (excluding funds pertaining to the BCCHK liquidations) totalled $1,062 million compared with $1,064 million at June 30, 1995, representing a reduction of $2 million.
The Official Receiver also administered US$1.8 million (US$1.6 million at June 30, 1995) and Japanese Yen 10 million (Yen 271 million at June 30, 1995). The BCCHK funds under the Official Receiver's administration amounted to approximately $824 million ($1,359 million at June 30, 1995).
End